Although credit unions tend to have high levels of satisfaction among the consumers who use them, they also tend to do a lot less marketing than traditional banks — and that means they’re “stuck” with a smaller piece of the banking pie. In order for credit unions to stay successful in the face of increasing competition with traditional banks, they need to embrace a “smarter” marketing strategy as they move forward. Here are four key trends to adopt now.
Credit Union Marketing Strategies That Are Customer-Centric
Today's digital banking environment means it’s easier for customers to find you — and it also means it’s easier for customers to change banks if they’re not happy. With the internet, it’s also really easy to compare banks and credit unions, too. While digital platforms can make banking a lot more convenient, they can also wind up depersonalizing the banking experience, resulting in a decline in customer loyalty. In order for credit unions to keep existing customers and attract new ones, they need to focus their credit union marketing strategies on activities that help individual customers feel valued and important, especially as the overall banking experience moves online.
Implement Digital Financial Tools Where They Make the Most Sense
Today’s consumers want an all-digital experience whenever possible, and most are just fine with leaving brick-and-mortar banks behind. That’s a trend that’s likely to continue. NestReady’s NestFinder tool is a great example of a digital tool that makes sense for today’s credit unions. Not only can NestFinder make the home buying process simpler and less stressful for customers, but its seamless integration helps loan originators gain the insight they need to create a customer-focused lending solution aimed at capturing leads and closing sales.
Engage Younger Customers
Millennials comprise the biggest share of the active workforce, and they also make up the biggest share of homebuyers. If you think millennials aren't interested in homeownership, you're wrong: In fact, a recent study shows most millennials feel ready to buy a home — and a whopping 70% are willing to cut back on other expenses to make homeownership a reality. Unlike generations before them, millennials aren’t shy when it comes to using the internet to research mortgages and compare properties. In order to attract more millennials, credit unions need to step up their digital offerings overall, and especially for complex processes like mortgage application and approval. Offering a satisfying online home-buying experience is an effective way to attract millennial customers for other products and services, too.
Mortgage Lead Generation Through Improved Customer Satisfaction at Every Interaction
Credit unions are a popular alternative to traditional banks, mostly due to their ability to provide a positive customer experience at every stage of the customer journey. Unfortunately, as banking becomes more digital, many credit unions fall behind in adopting new technology. The reluctance might be due in part to a misconception about what it “takes” to adapt. Some digital “solutions” are little more than gimmicks, while other “tools” can be surprisingly difficult and inefficient. Credit unions that want to retain their customer-friendly image need to look to proven tools like NestReady to provide their customers with an all-inclusive experience that’s inviting and easy-to-use. NestReady connects home buyers with agents, property listings, and mortgage offerings, right in one intuitive platform, providing an all-in-one solution for every stage of the homebuyer journey.
Compared to other banks, credit unions tend to be viewed more favorably by consumers; but to keep that edge, it’s critically important to remain flexible and forward-thinking, adopting technology that appeals to a broader customer base. Implementing digital solutions that are focused on customer needs and satisfaction will help credit unions enjoy continued success — and possibly an even larger market share — in the years ahead.
NestReady bridges the gaps between consumers, banks, and real estate professionals, enabling financial institutions to offer a personalized and seamless home search process. With NestReady, lenders can enhance their marketing, increase engagement and client loyalty, and achieve higher and faster conversions — all through their own digital environment. If this sounds interesting - we invite you to reach out to our team here. You can also follow us on Twitter or LinkedIn for product updates, industry news and more.